Integrating Cryptocurrency in E-Commerce
Cryptocurrencies (cryptos or coins) are incredible innovative and controversial. They are one of the newest additions to the world of website development and finance as a whole. With such a stigmatized topic, it might seem best for most to stray away from utilizing cryptocurrency. Whether with an e-commerce website or even a blog, cryptocurrencies may seem risky. Cryptocurrency is here to stay. As such, there are many major reasons why you need to integrate cryptocurrency in ecommerce.
Cost-Effectiveness
One of the biggest attractors towards cryptos is their cost. These digital assets are designed to be easily available, remarkably cheap, and uniquely designed. Building cryptocurrency payments or systems into your website means that you’ll not only be able to save money on payment platforms, but your clients will too.
Take Bitcoin Cash for an example; based on the technology behind the well-known Bitcoin, Bitcoin Cash is a remarkable example of cryptocurrency’s cost-effectiveness. Sending and receiving Bitcoin Cash payments has an average transaction fee of just $0.0025 USD. A dollar transaction with Bitcoin Cash would have a fee of $0.0025, while a Visa payment would have a 1.15% fee of $0.0115, alongside a 5-cent fee, resulting in total fees of $0.0615. That is nearly 25 times Bitcoin Cash’s transaction fee, which is even considered high in comparison to other cryptos. Plus, all you have to do is contact somebody with the relevant experience to have it implemented.
Security
Alongside the potential to use cryptocurrencies as a payment source, they also serve as remarkable security programs. Cryptocurrencies are, after all, based off of the blockchain, a traceable but anonymous connection of coded blocks. Every cryptocurrency purchase is marked on the blockchain in a randomized code. While everyone can potentially view the transaction, they cannot tell where, when, how, or who was behind the transaction.
There is also the potential to implement cryptocurrencies and blockchain technology into your website in the form of actual security protocols. Running your traffic through the blockchain and storing information across the blockchain can allow you data to split up among hundreds of computers to prevent one person from accessing it. There are countless other logistic benefits, including the inert ability of the encryption built into the blockchain.
Varied Uses
There were over 4,000 cryptocurrencies in 2021, with most of them being pointless. Even still, there are many that have more than enough value — these would be the cryptocurrencies that are best to implement into website development. With coins such as Ethereum, Cardano, Stellar, and Chainlink, cryptocurrencies have a varied and quite great usefulness.
Implementing Ethereum into your website gives you access to a state-of-the-art development system, complete with thousands of decentralized financial products. Ethereum has fostered NFTs, data transfers, blockchain storage, and more. With the right services, you can even design your website in a decentralized way. Cardano has connected different crypto-chains, traced contracts, and much more. Stellar works as a universal payment system, and Chainlink has connected data on the blockchain, and data off the blockchain. There are many more, each with their own unique purpose.
Cryptocurrencies’ Future
The future of cryptocurrencies and the blockchain is remarkably bright. While the technology has existed since 2009, there is a lot that has happened in the meantime. With thousands of cryptocurrencies having emerged, the entire market’s value has grown to upwards of $2 trillion. Things have become more advanced and useful, with uses in the worlds of payments, security, and general technology growing exponentially.
As such, cryptocurrencies have become much more coveted, with companies and sites working to implement the systems behind them, as quickly as possible. Many try, but cryptocurrencies and the blockchain are still difficult to implement. Best Designers in the World is a great place to start, with solutions to implement e-commerce solutions, both decentralized and centralized, within your website. Whether you’re in need of general cryptocurrency integration, help linking standard checkout gateways supported by the big banks, or need work done on bringing your e-commerce quality up to date, check out Best Designers in the World.
